海外臂式贡献增量，盈利能力稳健向好

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 77.58 CNY for the next six months [3]. Core Views - The company's performance in 2023 was impressive, with revenue of 6.312 billion CNY, a year-on-year increase of 15.92%, and a net profit of 1.867 billion CNY, up 48.51% year-on-year. The first quarter of 2024 showed revenue of 1.452 billion CNY, a year-on-year increase of 11.53%, but a net profit decrease of 5.40% [1][6]. - The growth in 2023 was attributed to cost reductions, structural optimization, and economies of scale, while the Q1 2024 performance was impacted by non-recurring losses related to investments [1][6]. - The company is focusing on expanding its overseas market presence and has initiated a new round of capacity expansion, indicating significant growth potential [1][6]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 6.312 billion CNY, with a net profit of 1.867 billion CNY. The Q1 2024 revenue was 1.452 billion CNY, with a net profit of 302 million CNY [1][6]. - The gross margin for 2023 was 38.49%, increasing to 41.11% in Q1 2024, while the net margin was 29.58% in 2023 and decreased to 20.82% in Q1 2024 [2][6]. Market Dynamics - The high-altitude working platform industry showed a total sales volume of approximately 206,500 units in 2023, with a year-on-year increase of 5.29%. However, Q1 2024 saw a decline of 18.35% [1][6]. - The company outperformed the industry in revenue growth, particularly in the boom lift segment, which saw a revenue increase of 68.24% in 2023 [1][6]. Strategic Initiatives - The company plans to fully acquire CMEC, which is expected to enhance its competitiveness in the North American market and improve financial performance [6]. - New production capacity projects are underway, including a plan to produce 20,000 units of new energy high-altitude platforms, projected to generate an annual output value of 2.5 billion CNY [6]. Future Projections - Revenue projections for 2024-2026 are 7.47 billion CNY, 8.78 billion CNY, and 10.30 billion CNY, with corresponding net profits of 2.18 billion CNY, 2.60 billion CNY, and 3.08 billion CNY [6].